Democrats made Consumer Financial Protection Bureau not accountable to Congress or the American people: Opposing view

Kathy Kraninger is a seasoned public servant who is the right choice to lead the Consumer Financial Protection Bureau (CFPB). Her impressive résumé spans more than 20 years, including stops at the Peace Corps, the Department of Transportation, the Department of Homeland Security and her current role as associate director for general government at the Office of Management and Budget (OMB).

Some Democrats are opposing Kraninger’s nomination, citing a lack of experience. It’s a curious critique considering she has proved herself to be an effective manager of large government bureaucracies. At the OMB, she currently oversees $250 billion in budgetary resources for seven Cabinet departments and 30 agencies, including the Treasury Department and the CFPB.

The real reason Democrats oppose Kraninger is that she is a reformer who will shake up the status quo. When Democrats created the CFPB in 2010, they intentionally created an agency that is not accountable to Congress or the American people. Congress has little authority over the actions of the director, which is a deviation from the structure of similar federal agencies that are led by bipartisan commissions. Additionally, the CFPB is not subject to congressional appropriations, which minimizes Congress’ ability to conduct meaningful oversight.

The CFPB is effectively a rogue agency run by unelected bureaucrats, the antithesis of good government.

During Kraninger’s public hearing before the Senate Banking Committee, and a one-on-one meeting I had with her, she made it abundantly clear she understands the structural flaws of the CFPB and shares a desire to work with Congress to fix them.

Some Democrats may dislike the idea of the CFPB no longer being an unaccountable agency. But for the vast majority of Americans who believe in oversight and want the agency to focus on its core mission of protecting consumers, Kathy Kraninger is the breath of fresh air the CFPB needs.

Sen. Thom Tillis, R-N.C., is a member of the Committee on Banking, Housing and Urban Affairs.